CIMA welcomes conclusions of FRC review of combined code

18 October 2007

CIMA (the Chartered Institute of Management Accountants) welcomes the conclusions of the FRC's (Financial Reporting Council's) recent review of the Combined Code on Corporate Governance.

In particular, CIMA is pleased that the FRC has concluded that the code is working well and that no major changes are required at present. In its own submission, CIMA was keen that the FRC should not undertake a major overhaul at this stage as change for change's sake could undermine the current corporate governance regime.

CIMA also welcomes the FRC's emphasis on ensuring that the principle of 'comply or explain' is applied in the spirit that it is intended.

Richard Mallett, Director of Technical Development at CIMA, comments:
'CIMA continues to support the FRC's stance on corporate governance. Its measured, principles-based approach ensures that the UK remains at the forefront of global best practice.'

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Notes to editors

1. CIMA (the Chartered Institute of Management Accountants) is the only international accountancy body with a sole focus on business. It is a world leading professional institute that offers an internationally recognised qualification in management accountancy, focusing on accounting in business, in both the private and public sectors. It is the voice of over 158,000 students and members in 161 countries. CIMA is responsible for the education and training of management accountants who work in industry, commerce and not-for-profit and has more members in the public sector than any other UK based body. CIMA prides itself on the commercial relevance of its syllabus, which is in tune with the activities of high performance organisations, and evolves continually to reflect the latest developments in global business. CIMA has been nominated as a UK superbrand for a second year in a row this year and for the first time in Sri Lanka. According to independent research conducted by the University of Bath School of Management, CIMA's syllabus and examination structure are the most relevant to the needs of business of all the accountancy bodies assessed. See the CIMA Difference report for further information at www.cimaglobal.com/thecimadifference. CIMA is committed to upholding the highest ethical and professional standards of members and students, and to maintaining public confidence in management accountancy. For more information about CIMA, please visit http://www.cimaglobal.com/